Freshest Figures Show New Home Sales Gain in Allentown, Prices Decrease
Posted on: Mar 06, 2014 07:00:56 AM
In November, closings of new homes in the Allentown, PA market jumped year-over-year, and the percentage lift that was sharper than October 2013 seems to indicate improving market conditions. New home closings saw a climb of 18.1% from the year earlier to 85. This followed a 8.6% rise year-over-year in October.
A total of 860 new homes were sold during the 12 months that ended in November, up from 847 for the year that ended in October.
As a percentage of overall housing closings, new home closings made up 10.4%. This is an increase on a percentage basis, as new home closings were 8.9% of total closings a year ago. Closings of new and existing homes increased year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
In November, the average price of newly sold homes sank year-over-year to $271,902 per unit, marking a 2.2% decline from the year-earlier figure. This decline compares to a 18.0% surge in October year-over-year.
There was a lift year-over-year in the average mortgage size on new homes in contrast to new home prices. The average mortgage size rose to $240,418 in November, marking a 2.6% boost compared with a year earlier. In October 2013, average mortgage size on newly sold homes saw a 16.8% bump year-over-year from a year earlier.